https://www.taxtmi.com/caselaws?id=20400 The High Court upheld the Income-tax Appellate Tribunal's decision to delete the addition of notional interest in the debtor-firm's account. The Court considered the dissolution of the debtor-firm, lack of recovery, settlement amount paid, and absence of mala fides. It ruled in favor of the assessee, stating that no income accrued due to the resolution to waive interest, supporting the deletion of accrued interest from taxable income. en-us Tue, 30 Mar 1993 00:00:00 +0530 Fri, 13 Nov 2009 16:50:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20400 The High Court upheld the Income-tax Appellate Tribunal's decision to delete the addition of notional interest in the debtor-firm's account. The Court considered the dissolution of the debtor-firm, lack of recovery, settlement amount paid, and absence of mala fides. It ruled in favor of the assessee, stating that no income accrued due to the resolution to waive interest, supporting the deletion of accrued interest from taxable income. Case-Laws Income Tax Tue, 30 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20400